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58 Cards in this Set
- Front
- Back
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Marketing
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Marketing is a social and managerial process by which indivdualsand groups obtain what they need and want through creating and exchanging values with others
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Two ways to manage profitable relationships
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attract new customers, retain and grow current customers
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needs
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state of felt deprivation
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wants
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the form of needs as shaped by culture and individual
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demands
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wants which are back by buying power
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marketing offer
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combination of products, services, and information or experiences that satisfy a want or need. Offer may include services, attitudes, people, places, information, or ideas
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Exchange
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The act of obtaining a desired object from someone by offering something in return.
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Maslows Hierarchy of needs
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physiological, safety, social, esteem, self actualization
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Four P's of marketing
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product, place, price, promotion
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place
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distribution, have to get product to the place it needs to be
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four subdivisions of marketing
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advertising, public relations, personal selling, sales promotion
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advertising
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paid form of non personal presentation and program
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public relations
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unpaid form of advertising, building good relations with the company's publics
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personal selling
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personal communication of information to persuade someone to buy something, most personal of 4 subdivisions
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sales promotion
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incentives to buy the product
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Marketing
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Marketing is a social and managerial process by which indivdualsand groups obtain what they need and want through creating and exchanging values with others
|
|
|
Two ways to manage profitable relationships
|
attract new customers, retain and grow current customers
|
|
|
needs
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state of felt deprivation
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wants
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the form of needs as shaped by culture and individual
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demands
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wants which are back by buying power
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marketing offer
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combination of products, services, and information or experiences that satisfy a want or need. Offer may include services, attitudes, people, places, information, or ideas
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Exchange
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The act of obtaining a desired object from someone by offering something in return.
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Maslows Hierarchy of needs
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physiological, safety, social, esteem, self actualization
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Four P's of marketing
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product, place, price, promotion
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place
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distribution, have to get product to the place it needs to be
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four subdivisions of promotion
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advertising, public relations, personal selling, sales promotion
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advertising
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paid form of non personal presentation and program
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public relations
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unpaid form of advertising, building good relations with the company's publics
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personal selling
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personal communication of information to persuade someone to buy something, most personal of 4 subdivisions
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sales promotion
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incentives to buy the product
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four steps to strategic planning process
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defining the company's mission, setting company's objectives and goals, designing the business portfolio, planning marketing and other functional strategies
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what a mission statement should address
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should be an invisible hand, neither too narrow nor too broad, fitting of marketing environment, based on distinctive competencies
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business portfolio
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collection of businesses and products that make up the company
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2 steps to business portfolio planning
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analyzing the current business portfolio, shaping the future portfolio by developing strategies
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4 strategies involved with BCG matrix
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build, harvest, hold, divest
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build
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increase market share, works well for question marks
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hold
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preserve market share, good for cash cow
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harvest
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increase short term cash flow, good for weak cash cows , question marks, and dogs
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divest
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sell or liquidate, good for dogs and question marks
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The effect of diversity on Disney's portfolio
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during the past eight years, sales have grown only 2.8% annually while income has fallen
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4 types of marketing segmentation
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geographic, demographic, psychograpic, behavioral
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geographic
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region, city, size, density
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demographic
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age, income, education, most important segmentation
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psychographic
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lifestyle - sports or outdoor examples
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behavioral
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benefits desired, how they act, ex. hours of ESPN watched
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market segmentation
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group of customers ho respond in similar ways to marketing efforts
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market targeting
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evaluation of each segment's attractiveness, selection of segments with greatest long term profitability
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market positioning
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most important, place the product occupies in the customer's mind, products are positioned relative to competitor products
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Force effecting a microenvironment
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company, suppliers, marketing intermediaries, customers, competitors, publics
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different publics that are part of microenvironment
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financial, media, government, citicen action,
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Forces effecting macroenvironment
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demographic, economic, natural, technological, political, cultural
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changes that effect the demographic environment
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most important is the changing age structure
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baby boomers facts
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41-59, 28.2%, born between 1946 and 1964, 50% of income, many mini segments exist within
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generation X
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29-40, 16.4 %, born between 1965 and 1976, latchkey children (both parents worked)m cautious economic outlook, $1.4 trillion in purchasing power
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Generation Y
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11-28, 25.8%, born between 1877 and 1994, 72 million strong, almost as big as parent's population. new products, services, and media, challenging target for marketers
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Four factors effecting consumer behavior
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cultural, social, personal, psychological
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four components of psychological factors
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learning, perception, beliefs, and attitudes
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5 stages in adoption process
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awareness, interest, evaluation, trial, adoption
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